On 1st January 2005 a new currency was introduced by the Grand National Assembly of Turkey. During the transition period the new Lira was called Yeni Türk Lirasi (New Turkish Lira). The new currency wiped six zeros from the old Lira with 1 new Lira = 1,000,000 old Lira. The currency now comes in denominations of 5kr, 10kr, 25kr, 50kr and 1Lira and banknotes of 5,10, 20, 50, 100 and 200 Lira bills.
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